India’s High Value Payment System RTGS is closed 03/04/2015

          At the last moment, Good Friday holiday for 03/04/2015 was declared in Delhi State. This led to Northern State CTS Grid also declaring a holiday. The chain effect spill over to RTGS too and RTGS System too is shut down on 03/04/2015.

          This last minute decision led to lots of juggling in the financial institutions back offices all over India.

          NEFT too will be closed as RTGS and NEFT share similar holidays. However, the other digital payment channel i.e IMPS is open. IMPS is open 24*7 and is largely customer driven. This will be one more big opportunity for IMPS to show cases its prowess.

          Heavy volumes in the RTGS/NEFT channel can be expected on 04/04/2015-Saturday. However, as all banks have high processing capabilities, the customers need not be much worried. The pressure might be on bank customers who prefer the branch mode for execution of their Electronic Transactions.